Get the free Instructions for Form 1128 (Rev. April 1996)

Department of the Treasury Internal Revenue Service Instructions for Form 1128 (Rev. April 1996) Application To Adopt, Change, or Retain a Tax Year Section references are to the Internal Revenue Code

How to fill out instructions for form 1128

How to Fill Out Instructions for Form 1128:

1. Start by reading the form instructions thoroughly to understand the requirements and procedures outlined.
2. Begin by providing basic information about your entity on the first page of the form, including the name, address, employer identification number (EIN), and the date the entity was formed or acquired.
3. If the entity has undergone any changes during the tax year and you want to request a tax year other than the default, provide the necessary details in Part I of the form.
4. In Part II, indicate the tax laws and regulations under which the entity was created or operates. If there have been any changes to the tax laws applicable to the entity during the tax year, provide an explanation.
5. Part III requires information about compliance with the required tax years. Indicate whether it is your first-time filing, or if you had filed Form 1128 previously. If you filed a short tax year in the past or intend to file one in the future, provide the relevant details.
6. For entities requesting an initial tax year ending other than December 31, complete Part IV. Indicate the proposed tax year-end and provide a legitimate business purpose or other justification for the non-calendar tax year.
7. In Part V, describe any foreign entities for which you are requesting a change in annual accounting period. Include the details of the entity, the type of entity, and the reason for the requested change.
8. If the entity is a partnership, multiple-member LLC, or S corporation, complete Part VI to provide information on any partners, members, or shareholders who own 5% or more of the entity's profits, capital, or stock. Include their names, social security numbers or EINs, and ownership percentage.
9. Lastly, ensure the form is signed and dated by an authorized individual on behalf of the entity.

Who needs instructions for form 1128?

1. Individuals or entities seeking to change their tax year from the default calendar year (January 1 to December 31) to a different period.
2. Entities looking to request a special tax year for various reasons, such as alignment with the natural business cycle, seasonal fluctuations, or compliance with specific industry accounting practices.
3. Foreign entities operating in the United States that require a change in their annual accounting period.
4. Partnerships, multiple-member LLCs, or S corporations with shareholders/partners owning 5% or more of the entity's profits, capital, or stock.

Remember, it is essential to consult with a tax professional or refer to the official instructions provided by the Internal Revenue Service (IRS) when completing Form 1128 to ensure accuracy and compliance with tax regulations.

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